Reali Loans Mortgage Review 2021

Good for: borrowers looking for an online mortgage application experience.
Phil MetzgerJun 21, 2021

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Our Take

4.0

NerdWallet rating 

The bottom line: Reali built its online service under the original brand Lenda, offering the mortgage basics, with easy-to-shop rates. It serves borrowers in 12 states.

Reali Loans

at Reali Loans

Min. Credit Score

620

Min. Down Payment

5%

Loan Types and Products

Purchase, Refinance, Fixed

Pros & Cons

Pros

  • Offers a completely online application process.

  • Posts current interest rates for purchase and refinancing.

  • Provides customized rate quotes online.

Cons

  • Available in just 12 states.

  • Offers fewer loan types and products than other lenders.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. Credit Score

620

Min. Credit Score

620

Min. Credit Score

620

Min. Down Payment

5%

Min. Down Payment

3%

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Fixed

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

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Full Review

Due to the coronavirus pandemic, getting a mortgage may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues that may slow down the process. Also, some lenders have increased their fees, adjusted their minimum required credit scores or temporarily suspended certain loan products. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

Reali Loans at a glance

Reali Loans, formerly known as Lenda, merged and rebranded in 2019 with the flat-fee real estate brokerage service Reali. It offers a variety of online conveniences, but a limited selection of loan types and products. Reali Loans operates in 12 states: Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, Oregon, Pennsylvania, Texas, Virginia and Washington.

Here's a breakdown of Reali Loans' overall score:

  • Variety of loan types: 3 of 5 stars

  • Variety of loan products: 1 of 5 stars

  • Online convenience: 5 of 5 stars

  • Rates and fees: 3 of 5 stars

  • Rate transparency: 5 of 5 stars

Reali Loans mortgage types and products

Reali Loans offers purchase and refinance mortgages with fixed rates. The lender doesn’t underwrite adjustable-rate, jumbo, home equity, FHA or VA loans at this time. While Reali doesn’t offer traditional home-improvement loans, it does offer a fixed-rate cash-out mortgage that can be used for improvements.

The lender also offers a couple of service options it considers unique: Reali Trade-In, which allows borrowers to buy a home before selling their current one, and Reali Cash Offer, which buyers can use to mimic an all-cash offer on the home they want to buy. Both services require borrowers to qualify for and ultimately use a Reali mortgage for their home purchase.

Reali Loans online convenience

Reali's digital platform allows you to complete your loan application, and upload and e-sign your documents online.

You'll also be able to check on the progress of your loan application with Reali's online dashboard, and a loan adviser is available for any questions or assistance.

Reali Loans mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. To provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates:

  • A lender's average origination fee compared with the median of all lenders reporting under the Home Mortgage Disclosure Act.

  • A lender's offered mortgage rates compared with the best available on comparable loans.

NerdWallet cannot verify Reali Loans' fees and mortgage rates from the latest HMDA data available because Reali isn't required to report to the federal database. As a result, NerdWallet has awarded a neutral score of 3 of 5 stars for origination fees and mortgage rates.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

Reali Loans mortgage rate transparency

Current purchase and refinance rates are posted on the Reali Loans website. A link at the top of Reali’s homepage opens a form that you can use to see rates customized by your location and credit score, along with other details. Borrowers can begin applying for loans directly from the Reali rates pages. According to the lender, its rate lock feature allows borrowers to secure an interest rate with debit or credit card information even before talking with a loan officer.

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